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How can the industry evolve to deal with the post-coronavirus world?

Although the government is beginning to be ease lockdown restrictions, things will not return to the way they were before. That makes it important that all areas of the mortgage industry evolve in response to the new reality.

The biggest change is likely be a much greater reliance on technology and remote working and this is something that some within the industry are finding easier than others. For instance, in the area of training, the companies that are thriving most are those that were already offering online versions of the CeMAP courses needed by mortgage advisors alongside standard classroom training courses.

Companies within the industry, from CeMAP training providers to brokerages, have had to adapt to a new way of working and whether or not they were an early adopter of remote working has generally determined how they have coped. Those that had avoided implementing these practices before the pandemic have found it harder, but the necessity of switching to this way of working during lockdown should have taught them valuable lessons they can apply moving forwards.

Online platforms have been created during the crisis to support advisors and many have seen the benefits they offer. For example, these platforms can actually improve work efficiency by providing advisors with all of the information they need for both lenders and clients in one place. They also offer easy access to HMRC and other third parties. These can be useful tools even when the crisis passes.

The key to successfully evolving in the post-coronavirus world involves applying successful elements of remote working to whatever the new normal will become.

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